VANCOUVER – Refined Energy Corp. has provided details of a proposed summer program for the Basin and Milner Properties in northern Saskatchewan, under option from Searchlight Resources Inc.
According to a news release, Refined has the option to acquire 100 per cent of each of the properties.
CEO Mark Fields said: “The Basin and Milner properties complement our flagship Dufferin Project, where we are planning a drill program this spring, and demonstrate our commitment to acquiring attractive exploration opportunities for the company. We added the Basin and Milner properties to our project portfolio last summer.
"We believe these properties are underexplored and provide another attractive exploration opportunity. These acquisitions further the company’s strategy of developing a robust uranium-focused portfolio in the Athabasca Basin region, which is renowned for its high-grade uranium deposits and storied history of exploration, discovery, and development.”
The Basin and Milner Properties
The Basin Property is prospective for unconformity and basement-hosted uranium mineralization and are underexplored, while at the Milner Property the focus will be on the outcropping pegmatite and structurally related mineralization.
The company says it is considering the most effective geophysical exploration methods from a variety that have proven effective in the Athabasca Basin. These include electromagnetic, magnetic, resistivity, radiometric and gravity surveys to delineate prospective conductors and alteration signatures.
Geochemical sampling will also be considered over specific structures and conductors. The aim of this exploration work will be to identify anomalies for drill targeting.
The Basin Property is in close proximity to Highway 905 in northern Saskatchewan and lies in the northeastern part of the Athabasca Basin. Historical exploration has identified radioactive anomalies associated with linear and conductive features. Structural features which have been identified include faults, dykes, sills and lithological contacts.
The Milner Property is located approximately five kilometres west of Missinipe and Highway 102, and 60 kilometres north of La Ronge. Uranium staining was noted by a prior operator of the Milner Property 1.4 kilometres northeast of the north end of Milner Lake on the Milner Property. Channel sampling of this area revealed uranium mineralization, mainly uranophane and autunite, which occurs at the contact of granitic gneiss and pegmatite. The 17 channel samples taken from a 15.2-metre trench yielded assays ranging from 0.003 per cent to 0.500 per cent U3O8, averaging 0.072 per cent U3O8.
A secondary side pit in the area exposed a heavy concentration of uranium minerals associated with veinlets of fluorite. Five samples from this pit included assays of 0.60 per cent, 1.17 per cent and 1.39 per cent U3O8. One sample submitted for spectrochemical analysis yielded 1.38 per cent U3O8.
A second showing at the Milner Property has been observed in a pegmatite outcrop. Uranium mineralization, primarily uranophane and autunite, at this outcrop occurs on the east side of a shear. Grab samples taken by a prior operator of the Milner Property from the biotitic and feldspathic phases returned 0.70 per cent and 0.127 per cent U3O8, respectively. In addition, 26 channel samples taken at 1.5-metre intervals along a 24.4-metre trench yielded assays ranging from 0.003 per cent to 0.126 per cent U3O8, averaging 0.022 per cent U3O8.
Refined Energy Corp. is a junior mining company dedicated to identifying, evaluating and acquiring interests in mineral properties in North America.
